Zinc social inventories increased 33,700 mt on week

SHANGHAI, Feb 21 (SMM) – Zinc inventories in China continued to trend higher this week on the back of cargo arrivals amid the resumption of logistics and sluggish downstream demand. 

SMM data showed that social inventories of refined zinc across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 294,500 mt as of Friday February 21, up 33,700 mt from last Friday February 14 and up 22,000 mt from Monday February 17. 

Guangdong and Shanghai accounted for most of the increase in overall inventories. The gradual resumption of shipments facilitated the arrivals at warehouses in east and south China, while a limited pickup in downstream demand failed to boost delivery from the warehouses. Growth of zinc supply in Tianjin slowed this week as local smelters of major brands slightly scaled back production. 

Compared to last Friday, social inventories of refined zinc across Shanghai, Tianjin and Guangdong climbed 28,300 mt.